“On that basis, in the first quarter of 2019, the average fee could be as low as 0.75%.”

The study of home movers showed that relatively few (30%) were selling for over £1m, and most (60%) were selling for £250,000 or less.

Knight told EYE: “This is the tenth year we’ve surveyed people who are currently selling a property and we’ve seen a marked reduction in the average fee.

“In 2011, 76% of sellers were paying in excess of 1%, whereas today it’s just 31%.

“We will be sharing further insights from this survey and also two others, the 2017 Landlord Survey and 2017 Tenant Survey, at the EA Masters.

“In addition, we will also be revealing insights from our 30,000 mystery shops for the Best Estate Agent Guide and highlighting what it takes to be exceptional.”

Knight said the continuing reduction in fees cannot continue – “unless the industry is prepared to experience even greater levels of change than those of the last few years”.

He said the main costs of staff and marketing are going up, not down: “So, while a small saving can be achieved by leaving the high street and working from a conventional office, or from home, or going ‘hybrid’, this isn’t enough to compensate for the reduction in fees.”

Knight said that the subject will be tackled at the EA Masters on September 22. There are just 50 tickets left for what will be the largest estate agency event ever staged in the UK.

Details here – where you will also find a rather stirring short video about the Best Estate Agents Guide, also to be part of the event: